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Q) The Fairman Phones Company sells phones to business customers. The company began 2009 with 2,400 units of inventory on hand. These units cost $220 each. The following transactions related to the company's merchandise inventory occurred during the first quarter of 2009. All unit costs include the purchase price and freight charges paid by Fairman Phones. During the quarter ending March 31, 2009, sales totaled 3,000 units, leaving 1,800 units in ending inventory. Assume Fairman Phones uses a periodic record-keeping system and the weighted average cost flow method.

-Calculate the cost of goods sold that will appear on Fairman Phone's income statement for the quarter ending March 31. (Round the weighted average cost per unit to the nearest cent. Round the cost of goods sold to the nearest dollar.) and Determine the cost of inventory that will appear on Fairman Phone's balance sheet at the end of March.

Given the following information, calculate the gross profit and gross profit ratio under (a) FIFO periodic and under (b) LIFO periodic. (Click the icon to view the information.) Calculate the gross profit under (a) FIFO periodic and under (b) LIFO periodic Select the formula labels and then enter the amounts to calculate the gross profit. Cost of goods soldGross profit Net sales 9,50013,500 (a) FIFO $ 23,000 9,000 14,000 (b) LIFO S23,000 Calculate the gross profit ratio under (a) FIFO periodic and under (b) LIFO periodic. Select the formula labels and then enter the amounts to calculate the gross profit ratio. (Round your calculation to the nearest hundredth percent, XXX%.) Gross profit ratio (a) FIFO Cash Cost of goods sold Inventory Net income Net sales -Cost of goods sold Units in ending inventory Units purchased Units sold Weighted-average cost Purchased 1,200 units for $280 each January 14 600 units for $160 each February 13 Purchased 600 units for $300 each March 30 Purchased 2,400 units Total Purchases